Post by Blitz on Nov 1, 2024 9:32:21 GMT -5
MGM Continues Buying Back Shares as BetMGM Revenue Soars
Posted on: October 30, 2024, 04:24h. Last updated on: October 30, 2024
www.casino.org/news/mgm-continues-buying-back-shares-as-betmgm-revenue-soars/
Excerpt:
BetMGM Shows Strong Improvement
BetMGM, a 50/50 joint venture between the casino giant and Entain Plc (OTC: GMVHY), still trails rivals such as FanDuel and DraftKings (NASDAQ: DKNG) in terms of market share, but it’s making progress and that was evident during the July through September period.
Accelerating growth at BetMGM with record 3Q net revenues increasing nearly 20% year-over-year, more than doubling the revenue growth achieved in 2Q,” said the gaming company in a statement.
The US sports wagering market is essentially a duopoly controlled by FanDuel and DraftKings, but iGaming is a more open frontier and one with higher margins and profit potential. That’s an arena in which BetMGM is making a renewed push to capture market share – a move that could pay long-term dividends.
iGaming’s long-term growth potential makes it pivotal for operators such as BetMGM. Currently, just seven states — Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia – permit that form of wagering, but that figure is expected to grow in the years ahead as states scramble for new revenue sources.
Posted on: October 30, 2024, 04:24h. Last updated on: October 30, 2024
www.casino.org/news/mgm-continues-buying-back-shares-as-betmgm-revenue-soars/
Excerpt:
BetMGM Shows Strong Improvement
BetMGM, a 50/50 joint venture between the casino giant and Entain Plc (OTC: GMVHY), still trails rivals such as FanDuel and DraftKings (NASDAQ: DKNG) in terms of market share, but it’s making progress and that was evident during the July through September period.
Accelerating growth at BetMGM with record 3Q net revenues increasing nearly 20% year-over-year, more than doubling the revenue growth achieved in 2Q,” said the gaming company in a statement.
The US sports wagering market is essentially a duopoly controlled by FanDuel and DraftKings, but iGaming is a more open frontier and one with higher margins and profit potential. That’s an arena in which BetMGM is making a renewed push to capture market share – a move that could pay long-term dividends.
iGaming’s long-term growth potential makes it pivotal for operators such as BetMGM. Currently, just seven states — Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia – permit that form of wagering, but that figure is expected to grow in the years ahead as states scramble for new revenue sources.